Business Strategies

One of the most important, fundamental keys to successful change management is

involving everyone in the organization

A disadvantage of incremental budgeting is that it

isn't cost effective

An internal method of recruiting employees is through

job postings

A disadvantage to companies of unionization is that

job promotions are based on seniority rather than ability

To screen job applications and employment resumes, a business might use computer software that conducts text searches to scan for

key words

Union members join up at what level of a union?

local

A fixed budget is used to

measure profit or performance.

Workers in your company have decided to join a union. As a member of management, which form of union representation will you encourage?

open shop

Which of the following types of legal union representation is preferred by unions in states without right-to-work laws:

open shops

The two dimensions of risk are

probability and impact

When a business processes sales returns and allowances, it makes a deduction from

sales revenue

An advantage of incremental budgeting is that it

saves time

What category of risk typically has the most impact on a business's ability to reach its goals and objectives?

strategic

Businesses that use the retail method of markup would establish selling price by

subtracting cost from retail selling price

Walt's World of Winter ski shop manages existing risks as appropriate, but it does not take risks on new products, new markets, or new equipment. Walt's is a risk-__________ organization.

tolerant

Which of the following is an example of hazard risk:

tornados

Which of the following budgets is used to compare to the fixed budget:

Flexible budget

Existing businesses need to provide what kind of data in the financial plan component of their business plans?

Historical financial data

In which of the following situations should a business owner plan to regularly review his/her business plan?

The business is rapidly expanding

According to the expectancy theory of motivation, an employee will perform at a high level when s/he believes that s/he will:

achieve goals set with the help of her/his manager

The main advantage of a rolling budget format is

always having a short-term budget on hand.

Hospitals, fire and rescue services, and police departments, which attempt to avoid risk as much as possible, are usually risk-__________ organizations.

averse

Members of Local 999 have refused to buy products made by their company. This is an example of

boycotting

A good source of information about a business's retroactive risks would be a(n)

business incident log

Workers in your company have decided to join a union. As a member of management, which form of union representation will you encourage?

collective bargaining

What is the most important thing to focus on when writing a business plan?

content

The end goal of budgeting is to plan and __________ organizational finances successfully.

control

Which of the following is a major disadvantage to a business of recruiting job applicants through outside agencies:

cost of agency services

The United Association of Plumbers and Pipefitters is an example of a(n)

crafe/trade union

A business is most likely to mitigate a risk that is __________ to eliminate completely.

difficult and expensive

Which of the following is an advantage to workers of having a union represent them:

fair treatment of employees

Every budget should contain which of the following two components:

Revenue and expenses

Which of the following is often used to measure and rate potential risks:

A risk impact/probability chart